Governments and central banks across the developed world have tried every policy
tool imaginable, yet our economies remain sluggish or worse. How did we get her
e, and how can we compete and prosper once more?
Daniel Alpert argues that a gl
obal labor glut, excess productive capacity, and a rising ocean of cheap capital
have kept the Western economies mired in underemployment and anemic growth. We
failed to anticipate the impact of the torrent of labor and capital unleashed by
formerly socialist economies.
Many policymakers miss the connection between gl
obal oversupply and the lack of domestic investment and growth. But Alpert shows
how they are intertwined and offers a bold, fresh approach to fixing our econom
ic woes.
